Table 1. Regression Results for Pooled OLS, the Fixed Effect Model, and the Panel FGLS Method on Relative Gasoline Prices
|
Pooled OLS Regression |
Fixed Effect Model with AR(1) |
Panel FGLS Method | ||||
|
Variable |
Estimate |
Std. Err. |
Estimate |
Std. Err. |
Estimate |
Std. Err. |
|
Oil stock |
3.88e-6*** |
8.42e-7 |
1.97e-6** |
9.28e-7 |
5.71e-7*** |
2.19e-7 |
|
Gasoline stock |
-5.03e-6*** |
1.11e-6 |
0.000010*** |
2.70e-6 |
1.03e-6** |
5.24e-7 |
|
Refinery capacity |
-0.000099*** |
0.000029 |
-0.00038** |
0.00019 |
-0.00040* |
8.94e-6 |
|
Utilization rate |
-0.0019 |
0.0028 |
0.00095 |
0.0015 |
0.00048 |
0.00041 |
|
Ethanol production |
-0.000095*** |
3.96e-6 |
-0.000069*** |
0.000012 |
-0.000082*** |
0.000012 |
|
Supply disruption |
0.32*** |
0.11 |
0.20*** |
0.055 |
0.20** |
0.099 |
|
Gasoline import |
-0.000037*** |
3.89e-6 |
7.37e-6*** |
2.75e-6 |
6.22e-6 |
4.78e-6 |
|
HHI |
0.00028*** |
0.000062 |
-0.00019 |
0.00019 |
-0.000037 |
0.000025 |
|
January |
-0.030 |
0.054 |
-0.047** |
0.022 |
0.015 |
0.035 |
|
February |
-0.083 |
0.054 |
-0.058** |
0.028 |
0.00061 |
0.046 |
|
March |
0.013 |
0.055 |
-0.0079 |
0.031 |
0.031 |
0.053 |
|
April |
0.12** |
0.055 |
0.055 |
0.035 |
0.069 |
0.058 |
|
May |
0.19*** |
0.056 |
0.089** |
0.036 |
0.099* |
0.060 |
|
June |
0.17*** |
0.055 |
0.10*** |
0.037 |
0.10* |
0.060 |
|
July |
0.11** |
0.055 |
0.046 |
0.036 |
0.020 |
0.059 |
|
August |
0.046 |
0.055 |
0.029 |
0.034 |
-0.0084 |
0.056 |
|
September |
-0.0077 |
0.054 |
-0.012 |
0.031 |
-0.060 |
0.052 |
|
October |
-0.014 |
0.054 |
-0.014 |
0.026 |
-0.069 |
0.046 |
|
November |
-0.032 |
0.053 |
-0.0063 |
0.019 |
-0.05 |
0.034 |
|
Constant |
3.12*** |
0.29 |
3.20*** |
0.076 |
2.46*** |
0.12 |
|
~R2 Adjusted R2 |
0.6014 0.5914 |
ρ = 0.87 F test |
9.42 | |||
*** 1% significance; ** 5% significance;* 10% significance level.